How can I purchase a re-possesed home?

Question

What are the do´s and don´t´s

thanx

Answer 1

Wow, ther are lots of answers to this question, but here are some areas to begin.

1. Depending upon where you live, you need to know the laws. You can get into a ton of legal trouble if you don't. So you need to contact some real estate attorneys to ensure you know the do and don't in your state. Each state is different.

2. You can contact realtor in your area and specifically in the neighborhood you are planning to buy. They can also guide you through some of the process.  Especially if the properties are bank owned. Usually they will contact realtors to sell the home.

3. If you are planning to do this as a business and not just for your own home,  you can contact your local REIA (real estate investment association) there are chapters everywhere. They are there to provide education and networking for investors. You will find attnys, realtors, other investors,, bankers, lenders, etc that you can talk to.  Go to www.nationalreia.org or just 'google national reia' to locate in your area.

4. Then as always you can go to library, bookstore or late night tv to discover tons of material on buying foreclosed homes.

Hope this helps.

Good luck

Answer 2

same way you buy any home - talk to a real estate agent, get it fully inspected when you find one you like

Answer 3

Call the bank who owns it and get the name of  real estate agency that is selling it and call them.

Go visit the home and if you like it,

1-come back with an inspector and look at the house again.

2- Make sure to get the disclosure form the agent letting you know of "known" problems with the house.

3- Ask neighbors in the area about the house-- water problems etc..

4- Revisit the house after a large rainstorm

5- make sure any back taxes have been paid.